Earnings conference presentation below.
I didn’t have time to properly listen to the Q&A, but what stuck in my mind was that the majority - almost all - of the cold-rolled material in Mexico stays in Mexico. It remained unclear what portion returns to the US locally with the manufacturing of parts and products.
More on the US investment at the 6/2025 CMD, something is in mind but the CEO didn’t reveal what.
Last time, products that were “melted & poured in USA”, i.e., from foundries like Calvert, remained outside the tariffs.
More in the recording: